there was a great debate at the beginning of the clinton administration about how to deal with what was perceived as a relatively small recession, but nonetheless a recession, what to do. there were those who wanted to spend their way out, and others said no, let's have budgetary restraint. that will be better for the economy, that will keep interest rates down, it will tend to restrain inflationary pressures, and, in the long run, we'll be better off. and that was, i think fortunately, the approach that was adopted. and lo and behold, the economy did so well that we got some productivity increases, that revenues increased faster than expected, budget expenditures were held down, and for the first time in decades, we had budgetary surpluses. schoumacher: there was no inflation when it came to goods and services, t the was a sharp rise was this a problem?ocks. rivlin alan greenspan coid the term "irrional exubance,"